Polycarbonate Market Value, Solutions, Services, Opportunities and Challenges Till 2030
Polycarbonate Market Overview
Polycarbonate Market Size was valued at USD 18.9 billion in 2021. The polycarbonate market industry is projected to grow from USD 20.03 billion in 2022 to USD 30.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2022 - 2030).
The global market study with details of the polycarbonate market value is getting significant traction from end user industries like automotive, construction, electrical & electronics, and others. One of the major reasons to boost the global market is its use in the manufacturing of lightweight exterior and interior components for the automotive industry. Its application in the manufacturing of components like computers, cell phones, sensor parts, switching relays, electronic game consoles, connectors, LCD sections, DVDs, batteries & chargers, CDs, and LED’s is making it a preferred choice for the electrical & electronics industry.
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Segmentation:
The global market report discussing changes in the polycarbonate market includes segments like processing technology and end-use. Such segmentation helps with insights of the market and provide data that assist in devising strategic moves in credible ways.
By processing technology, the study of the global polycarbonate market includes extrusion and molding. The molding segment has been segmented in the report further into blow molding, injection molding, and others.
By end-use, the review of the global polycarbonate business comprises electrical & electronics, automotive, optical media, home appliances, building & construction, medical, sports & leisure, packaging, and others. The rise in the e-commerce industry and the development in logistics have triggered the inclusion of latest technologies in the packaging industry, which is boosting the growth of the polycarbonate market. In the automotive industry, its intake is rising due to its ability to reduce the weight of the end product and improve fuel-efficiency. The building and construction are also getting traction as the emerging nations are investing much in improving their infrastructural scope, which is promoting the market.
Regional Analysis:
Asia Pacific’s dominance in the market is getting backed by the booming automotive and burgeoning electrical & electronic industries. Countries like China, Japan, South Korea, Taiwan, India, and others are impacting the global market. China has maximum regional market share. Europe would follow the lead set by Asia Pacific.
Competitive Landscape:
Teijin Limited (Japan), Covestro AG (Germany), SABIC (Saudi Arabia), LG Chem (South Korea), Trinseo (US), Chi Mei Corporation (Taiwan), Mitsubishi Engineering Plastics Corp. (Japan), LOTTE Chemical CORPORATION (South Korea), Formosa Chemicals & Fibre Corp (Taiwan), and Idemitsu Kosan Co. Ltd. (Japan) are names quite popular in the market for their strategic implementations that boost the market outcomes. Their endeavors mostly rely on moves like a merger, innovation, product launch, tie-up, and others. MRFR recorded these moves to understand how much the market can benefit from changing trends.
Industry News:
The outbreak of the COVID-19 pandemic has exposed several industries and forced governments to take unprecedented measures that disrupted the supply chain, production process, and piled on financial crisis for several sectors. Some of the industries got directly impacted like construction and automotive, where a drastic fall in demand from end users can be witnessed and others witnessed an indirect slump like the polycarbonate market. Its association with industries like electronics, automotive, construction, and others has impacted the revenue-generation process and triggered some adverse outcomes. Due to the financial slump in the construction and automotive sector, the market has experienced some hindrances in recent times.
However, the electronics market is getting a mixed reaction. Its growth in home appliances and other sectors got restricted, but the healthcare sector is witnessing a strong demand for the product. Such endeavors can prevent a total plummet.
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